Steel producers in Saudi Arabia are set for a busy few years, with growth in the industry driven by rising demand due to state-backed investments and increasing activity in the private sector. However, even with additional capacity, the sector is working to bridge the supply gap.
The Kingdom is already the largest steel producer in the Middle East and North Africa, and a recent estimate from industry research firm RNCOS states that steel consumption will rise by almost 20% per year between 2012 and 2015, with steel rod, wire, bar and reinforcing bar all currently in high demand.
The growth projections for the coming years are now double those RNCOS made earlier in 2012, which put the increase in demand at around 10% per year. The company expects steel consumption to be well over 12m tonnes this year, as more projects come off the drawing board.
